Delhivery Expands ESOP Pool With 73,300 Stock Options

SUMMARY

Delhivery said it has received approval from its board to grant 73,300 equity shares with each stock option convertible into one fully paid-up equity share having face value of INR 1 each

10% of the stock options will be vested upon the completion of 12 months from the date of grant, as per the company’s filing

Last month, it announced the allotment of 8.6 Lakh equity shares under its ESOP

Listed logistics giant Delhivery has announced allotment of 73,300 stock options under its employees stock option plan (ESOP 2012) to the eligible employees.

In an exchange filing on Friday (November 1), Delhivery said it has received approval from its board to grant 73,300 equity shares with each stock option convertible into one fully paid-up equity share having face value of INR 1 each.

Out of the aforementioned stock options, 10% will vest upon the completion of 12 months from the date of grant, as per the company’s filing. While 30% of the stock options granted will be vested upon the completion of 24 months (2 years), the remaining will vest at a rate of 15% every 6 months thereafter.

The approved stock option will be vested within four years of the date of grant. As per the company’s terms of grant, the stock options “can be exercised any time from the respective dates of vesting”.

Based on the stock’s closing price on Friday, the total value of the new allotted stocks translates to INR 2.67 Cr.

Meanwhile, shares of Delhivery closed at INR 364.90 in the last trading session and opened at INR 364.05 on Monday.

Founded in 2011 by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan and Kapil Bharati, Delhivery is a transportation, supply chain and logistics company. The logistics giant competes against the likes of Xpressbees, Blue Dart, Flipkart’s Ekart Logistics and Amazon Shipping.

Last month, Delhivery announced the allotment of 8.6 Lakh equity shares, under its ESOP. It was followed by the allotment approval of 6.15 Lakh equity shares under ESOP 2012 and ESOP 2020 in September.

Earlier the company also put forth its plans to launch a network of multi-tenant dark stores for “rapid in city delivery” for ecommerce companies.